Creating New Year’s resolutions in the beginning of the new year is a great tradition, but have you considered making them for your business? Consider these ideas to help you get started on the right foot in 2024:
Take Steps to Help Retain Your Most Valuable Employees
Consider what incentives you have or could consider offering. A tax-qualified retirement plan, like a SEP or SIMPLE-IRA, or a Private Bonus plan, under which the company provides periodic bonuses to select employees, could motivate your valued employees to stay with your business.
Protect Against the Loss of a Key Employee
The death of a key employee could be catastrophic to a business, and the loss of expertise, as well as the cost to hire and train a replacement, could be significant. Life insurance coverage on key employees can be beneficial by providing funds to help cover unforeseen costs and keep your business running.
Evaluate Succession Plans
Do you have a business succession plan in place? If so, are the documents up to date? Buy-sell agreements and funding should be reviewed periodically to ensure they still reflect the wishes of the owners. If you don’t have a succession plan in place yet, make it a resolution to get that done this year — your family and co-owners will thank you for it!
Let this year’s resolutions have a positive impact on the success of your business and your family.